F&C has this afternoon completed the merger of its UK and Ireland property operations with asset manager REIT.
Unveiled on 22 July, the new F&C REIT entity was given the go ahead by F&C shareholders at an EGM last Friday. F&C paid REIT owners £25m cash and £35m in loan notes for a 70% ownership of the new firm. Former F&C UK retail head Nick Criticos has moved to become the new firm’s chief executive, with REIT founders Leo Noé and Ivor Smith appointed executive chairman and executive member respectively. The REIT owners may increase ownership up to 40% over the period to 31 December 2014, subject to F&C REIT meeting certain EBITDA performance targets. IFAonline
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